A 5-star hotel near Sveti Stefan was designed to have 126 rooms and apartments, and it was planned to be built in Miločer Park.
The investor, Adriatic Properties, submitted a request to the Budva municipality for technical conditions for connection to utility networks and for payment of the relevant fee.
The authorities refused, citing the Declaration on the Protection of Miločer Park, approved two years ago. The document allows the reconstruction of existing facilities while preserving their footprint. New construction is not supported.
Adriatic Properties is owned by Greek businessman Petros Stathis. The company owns major assets in Montenegro. These include the luxury hotel complex Aman Sveti Stefan with Villa Miločer and the hotels Kraljičina plaža in Miločer and Maestral Resort & Casino in the resort town of Pržno. The company also leases several beaches on the Budva Riviera, which are considered the most beautiful on the coast.